Nearly half of Americans would consider buying travel insurance for future foreign vacations due to recent world events, according to a new survey.
The finding is among the conclusions contained in the 5th annual Allianz Global Assistance USA Travel Insurance Vacation Confidence Index, which polled 1,000 randomly selected U.S. residents (a nationally representative sample) with a number of vacation-related questions earlier in June.
Also noteworthy: The survey determined that 34 percent of respondents already had purchased travel insurance for an international trip—that’s 1 in 3 respondents.
That trend, plus 49 percent of Americans surveyed by Allianz asserting that recent global events nudged them to buy travel insurance for their next foreign trip, comes as summer vacation travel has responded strongly. Allianz found that 52 percent of Americans are “confident” they’ll take a summer vacation this year—a figure that’s 5 percent higher than 2013. Most also said they’d spend more while traveling compared to previous vacations. A vacation is defined as traveling for at least one week more than 100 miles from home. Ipsos Public Affairs conducted the survey for Allianz.
Mike Nelson, CEO of Allianz Global Assistance USA, noted in a statement announcing the findings that Americans “are savvy enough to protect their vacation with travel insurance.”
Nelson said that the best travel insurance policy accomplishes a number of things, such as protecting a travel investment when a vacation cancellation is necessary due to unexpected factors such as illness or injury. Appropriate coverage also would reimburse medical emergencies, delayed travel, and lost or delayed baggage, among other things, he noted.
Allianz Global Assistance USA, a division of Allianz SE, the German multinational insurance and financial services company, offers consumer specialty insurance and assistance, among other products.
Source: Allianz Global Assistance USA